Life Insurance At Age 22- Your Options
If you are shopping for life insurance at age 22, then you are
probably concerned about leaving a financial burden on your loved ones. Most
shoppers look for life insurance when they are in their twenties so that they
can lock in a low rate while they are young and in excellent health. This is a
great idea because at this young age you have many choices for affordable, low
rate life insurance protection.
Learn more about your options below or get started now and compare competing rates from several
highly rated carriers.
Life Insurance At Age 22 - Your Options
You have two basic options at this time- term life
insurance and permanent life insurance. Term life insurance is
temporary coverage that can last anywhere from one year or as long as 40 years,
depending on the company that you choose. Term is very affordable coverage because
you can get a lot of coverage for a very reasonable premium. Unlike term insurance,
permanent life insurance will last you for your entire lifetime, as long as you
continue to pay your premiums. Your policy will also accumulate cash value on a
tax-deferred basis. Whole life and universal
life are the 2 most common permanent coverage options.
Sample Rates for Your Age
Here are a few sample rates for a life insurance policy on a 22 year old man and
woman. These are based on a non-smoker with a preferred health rating. Your rate
could be lower or higher depending on your situation.
$500,000 30 Year Term Life Insurance:
22 Year Old Male - $520.00 per year
22 Year Old Female - $400 per year
$250,000 Level Pay Whole Life Insurance:
22 Year Old Male - $1,265.00 per year
22 Year Old Female - $1,102.50 per year
Keep in mind that the actual rate that you will pay is going to depend on several
variables such as your smoking status, your health history, your family health
history, your occupation and hobbies, and even your driving history. Life insurance
companies look at all of these things when determining your eligibility for a
What If You Do Have Some Health Problems?
Although most 22 year olds have excellent health, there are some people who have
pre-existing health conditions from birth or other things that have developed
during childhood or the teenage years. In most cases, you can still get affordable
rates for coverage. The type of policy that you can qualify for and the rate you
pay will depend on what that particular health issue is. For example, if you have
juvenile diabetes, then some insurers will offer you a standard rate if your A1C is
7 and below. If you have some heart problems, then you may only qualify for a
guaranteed issue life insurance policy. It is best to
speak with an experienced agent about your particular health situation because he
or she can guide you towards the best carrier for your needs.
Get A Free Rate Comparison In Under A Minute
The first step when shopping for life insurance protection is to shop around. Rates
can vary by as much as 70% from one company to another so it definitely pays to
compare. Get a free no obligation quote today and compare multiple quotes from highly
rated carriers. This will ensure that you get the most competitive quote for your
age and your overall needs.